Ripple's David Schwartz discloses steep cuts to XRP and bitcoin holdings

What happened

David Schwartz, Ripple's CTO emeritus, used posts on X on November 9 and 10 to describe a sharp reduction in his personal cryptocurrency portfolio. According to Crypto.news and U.Today, he said his XRP holdings had fallen from a high of around 26 million tokens to roughly 3 million. His bitcoin position went from about 1,500 BTC to one BTC, and his ether holdings dropped from around 40,000 ETH to six ETH.

The discussion began when cryptocurrency tax specialist Clinton Donnelly posted about IRS Letter 6174 notices sent to crypto investors. Schwartz joined the thread and said he had received a similar notice, which he treated as a routine tax-compliance reminder. When asked how much tax he owed after selling XRP, he said he sold about 2.5 million XRP during 2025, most of it received in 2020 and 2023, and that the sales produced roughly $1.7 million in capital gains tax.

Schwartz said he had not bought XRP in a long time and described himself as very uncomfortable with risk, adding that he had sold nearly all the digital assets he had ever held. He also said he still owns a substantial amount of Ripple stock, an exposure that on its own carries more risk than he would prefer. For XRP sales, he said he uses written plans agreed with an attorney at least 30 days in advance, a procedure meant to prevent claims that he trades on nonpublic information, including knowledge of possible XRP Ledger bugs.

Why it matters

The disclosures renewed criticism from XRP supporters who want Ripple leaders to show confidence in the token through their personal holdings. Some holders asked why executives had reduced exposure while investors continued to hold. XRP traded near $1.06 at press time, down more than 3% over 24 hours, and U.S. spot XRP exchange-traded funds recorded about $10.42 million in net outflows on November 9, with Bitwise accounting for most of the withdrawals, according to Crypto.news. Schwartz had already faced questions on November 7 about whether he bore responsibility for XRP's prolonged decline; he acknowledged that his involvement might have some effect but described it as limited.

What the data shows

The disclosed figures show a portfolio far smaller than its earlier peak: about 26 million XRP reduced to about 3 million, 1,500 BTC reduced to one, and 40,000 ETH reduced to six. U.Today described the XRP change as a drop of about 23 million tokens, or more than 88% from the peak. Schwartz said the 2.5 million XRP sold in 2025 generated about $1.7 million in capital gains tax. The reports do not specify when most of the sales occurred or how much proceeds he received.

Background

Schwartz's latest remarks follow earlier comments about his selling. In July, he said he regretted selling XRP around $0.10 and ether near $1, and explained that he and his wife had agreed to sell crypto when prices reached new all-time highs. In May, he described his remaining exposure as concentrated in XRP and Ripple equity and said the position had not been entirely planned. He stepped away from day-to-day CTO duties at the end of 2025 and became CTO emeritus, while remaining connected to Ripple and the XRP Ledger community.

What is still unclear

The reports leave open whether Ripple has a company-wide policy for executive cryptocurrency transactions. Schwartz described his personal written-sale procedure, but Crypto.news said his comments did not establish whether other executives are required to follow a similar approach. The reports also do not clarify the timing or total proceeds of the bulk of his sales.

What to watch

Watch for any Ripple statement clarifying executive trading rules, and for further disclosures from Schwartz about his remaining holdings. The XRP market context cited in the reports includes the token's move near $1.06 and the November 9 outflows from U.S. spot XRP ETFs, which may remain relevant to how the community receives such disclosures.

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